The Fed cut rates five weeks ago, but banks are still paying high interest rates on high-yield savings accounts and combo checking/savings offers.

San Francisco Federal Reserve Bank President Mary Daly on Monday said she has not seen anything to suggest the U.S. central bank would stop cutting interest rates, which are "absolutely" still high enough that they are restraining the economy.

History shows that Fed rate cuts often boost the stock market, but context matters—normalization cuts tend to drive gains, while recession cuts can lead to losses.

Kansas City Federal Reserve Bank President Jeffrey Schmid said on Monday he supports a "cautious and deliberate" approach to interest rate cuts now that inflation is heading back to the Fed's 2% target and the labor market is normalizing.